Ocean Shore Holding Co. (the “Company”) (Nasdaq:OSHC), holding company
for Ocean City Home Bank, announced today that it has received an
extension of time to complete its syndicated community offering being
conducted in connection with its reorganization from the two-tier mutual
holding company structure to the stock holding company structure.
The syndicated community offering is being conducted on a best efforts
basis through a syndicate of broker-dealers managed by Sandler O’Neill &
Partners, L.P.
“Sandler O’Neill has advised us that, due to market conditions,
additional time is necessary to complete the offering,” said Steven E.
Brady, President and CEO. “At our request, the Office of Thrift
Supervision has granted us an extension of time to March 31, 2009 to
complete the offering.”
The offering is being conducted by the new holding company for Ocean
City Home Bank – a newly formed New Jersey corporation also named Ocean
Shore Holding Co. – in connection with the second-step conversion of
Ocean City Home Bank. In order to consummate the offering, new Ocean
Shore Holding must sell a minimum of 4,037,500 shares at $9.00 per
share. The Company expects that the offering will be completed at the
minimum of the offering range. The terms and conditions of the offering
are more fully set forth in Ocean Shore Holding’s prospectus dated
November 12, 2008 and the prospectus supplement which we expect to be
filed tomorrow.
In accordance with regulatory requirements, all persons who submitted
orders in the subscription and direct community offerings will be
notified of the extension and given the opportunity to confirm, change
or cancel their orders. Subscribers who do not reconfirm their
subscriptions by February 25, 2009 will have their subscriptions
cancelled and funds returned. It is the Company’s intention to complete
the syndicated community offering as soon as practicable following
completion of the resolicitation.
The company had previously announced its intention to declare its
regular quarterly cash dividend following completion of the offering. As
a result of the extension of the stock offering, the Board of Directors
of the Company has determined to proceed with the payment of the
dividend and declared a cash dividend of $0.05 per share on the
Company’s outstanding shares of common stock. The dividend will be paid
on or about February 24, 2009 to stockholders of record as of the close
of business on February 17, 2009.
Ocean Shore Holding Co. is the holding company for Ocean City Home Bank,
a federal savings bank headquartered in Ocean City, New Jersey.
